Forbes: Six Reasons Not to Celebrate the Payroll Tax Cut

The amount of payroll tax deferred depends on how much one makes. Based on analysis by the Institute on Taxation and Economic Policy, the four month deferral would amount to $1,060 for those making between $43,400 and $69,800. In good times and bad, $1,060 is a lot of money. Stretched over four months, and keeping in mind that as of now it must be repaid, however, and the deferral does little to address the pressing needs felt by many. Read more